Stanford University is Now Offering Free Tuition to Families Earning Less than $125,000

This is a huge step forward.

It's that magical time of year, when colleges start sending out letters that will change the rest of your life. As exciting as it is, the joy of acceptance is often damped by the burden of tuition fees. Even with financial aid, university costs are so high that students often end up taking out loans that they then struggle to repay their entire lives.

Which is why it's so amazing that Stanford has just announced that students from families making less than $125,000 a year won't have to pay a single cent for their education. In addition to that, families making less than $65,000 a year will get free room and board as well.

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"Our highest priority is that Stanford remain affordable and accessible to the most talented students, regardless of their financial circumstances," Stanford provost John Etchemendy said in a statement, according to KCTV5.

For the 2,144 seniors who got accepted to the prestigious university this week, this is truly a dream come true and the greatest possible relief.

Yale and Harvard also offer a route for students from low-income families, as those who make less than $65,000 don't pay tuition either. Princeton offers what was previously the most generous package, as families who make less than $120,000 are not obligated to pay fees. But the fact that Stanford is raising its threshold (which was previously at $100,000) will hopefully inspire other colleges and universities to take more measures to help lessen the stress of paying for college.